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Segment Reporting

Swiss Life made further operational progress in 2017: adjusted profit from operations increased by 5% to CHF 1475 million. Net profit rose by 9% to CHF 1013 million. All units developed positively and increased their contribution to the result.

In the Swiss domestic market, Swiss Life grew its segment result by 2% to CHF 829 million. In France, the segment result came to CHF 261 million, 7% higher than the previous year. Germany contributed CHF 153 million (plus 22%) and the International market unit generated a segment result of CHF 51 million (previous year: CHF 45 million). Swiss Life Asset Managers increased its segment result by 6% to CHF 258 million.

Swiss Life generated stable direct investment income from insurance business of CHF 4.3 billion in 2017. That corresponds to a direct investment return of 2.8% (previous year: 3.0%). The net investment yield came to 2.5% at the end of 2017 (previous year: 3.3%).

The Swiss Life Group increased fee income in local currency by 8% to CHF 1480 million in 2017. This growth stemmed from higher contributions from own and third-party products and services, Swiss Life Asset Managers and owned IFAs. Swiss Life posted a 6% rise in premiums in local currency to CHF 18.6 billion in 2017. Insurance reserves to the benefit of the company’s policyholders rose by 4% in local currency.

Swiss Life Asset Managers had a total of CHF 224 billion (plus 10%) under management as at 31 December 2017, CHF 61 billion of which was third-party asset management – a growth rate of 24% over the previous year.

Swiss Life’s segment reporting is on a country basis: Switzerland, France and Germany. It also discloses separately the results of its cross-border segments: International and Asset Managers.

Events after the reporting period

There were no events after the reporting period.

Key figures for the Swiss Life Group

Amounts in CHF million20172016+/-
GROSS WRITTEN PREMIUMS, POLICY FEES AND DEPOSITS RECEIVED18 56517 3667%
Net earned premiums12 79113 228–3%
Fee and commission income1 4691 3519%
Financial result4 3955 062–13%
Other income113143 1–21%
TOTAL INCOME18 76919 784 1–5%
Net insurance benefits and claims–13 189–14 064–6%
Policyholder participation–949–1 325–28%
Interest expense–144–162 1–11%
Operating expense–2 842–2 764 13%
TOTAL EXPENSE–17 292–18 393 1–6%
PROFIT FROM OPERATIONS1 4761 391 16%
NET PROFIT1 0139269%
Equity15 58313 73913%
Insurance reserves171 649159 8997%
Assets under management245 675222 91610%
Assets under control269 255243 25511%
Return on equity (in %)29.39.6–0.3 Ppkt.
Number of employees (full-time equivalents)7 9797 8012%